Credit Suisse failure 'would have crashed Swiss economy'

Swiss Finance Minister Karin Keller-Sutter and UBS chairman Colm Kelleher review some details prior to a news conference on the takeover of Credit Suisse by UBS, in Bern on March 19. (Photo: AFP)

GENEVA: Switzerland’s finance minister says the country’s economy probably would have collapsed had Credit Suisse gone bankrupt.

In an interview with Le Temps newspaper, Karin Keller-Sutter said the government had acted in the country’s best interests in swiftly arranging the takeover of Switzerland’s second-biggest bank by its larger domestic rival UBS.